Renovated Farmhouse
For Sale
$319,000
24663 Chestnut Street, Elberta, AL 36530
Residential, Elberta, AL
Property Size2,114 SF
Lot Size0.47 Acres
Price / SF$150.90
Days on Market76
Property Features for 24663 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
Garage, Open
Patio and Porch features
Patio
Pets allowed
Yes
Interior features
Ceiling Fan(s), Split Bedroom Plan
Fireplace
1
Appliances
Dishwasher, Refrigerator, Electric Range
Subdivision
Mc Grew's
Lot features
Less Than 1 Acre
Elementary school
Elberta Elementary
Middle school
Elberta Middle
High school
Elberta High School
Directions
Hwy 98 towards Elberta, turn on Michigan right to the second street on left Chestnut and its the second house on left.
Standard status
Active
APN
53-09-30-1-000-058.000
Size
2,114 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Description
150(S) X 131(S) E 150 Of S1 2 Of Lot 30 McGrews Addn Les S R W Pb3 Pg100 In The City Of Elberta Sec 30-T7s-R5e (Wd)
Tax Annual Amount
2099
Legal Description
150(S) X 131(S) E 150 Of S1 2 Of Lot 30 McGrews Addn Les S R W Pb3 Pg100 In The City Of Elberta Sec 30-T7s-R5e (Wd)
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1981
Floors in Building
1
Flooring type
Laminate
Roof type
Metal
Architectural style
Other
Listing Agency:
Engel and Volkers Gulf Shores
(251) 304-9520
Listed By:
Joe M Emerson · License #120179-1
(251) 550-9021
Added: Jun 19
Changed: Aug 19
Last Checked: Sep 2 at 2:06AM
MLS# 398463
Copyright © 2026 Baldwin REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1981, this duplex contains two distinct residential units within 2,114 square feet of living area. The property includes laminate flooring, electric heating, ceiling fans, split-bedroom layouts, patios, fireplaces, and kitchens equipped with dishwashers, refrigerators, and electric ranges. A detached garage provides additional enclosed space, while open parking is also available.
Recent improvements include a metal roof installed in 2021, remodeling of Unit B in 2022 and Unit A in 2024, and a new HVAC system added in 2024. The property occupies 0.472 acres at 24663 Chestnut Street in Elberta, Baldwin County, Alabama, near local amenities, schools, and attractions.
Recent improvements include a metal roof installed in 2021, remodeling of Unit B in 2022 and Unit A in 2024, and a new HVAC system added in 2024. The property occupies 0.472 acres at 24663 Chestnut Street in Elberta, Baldwin County, Alabama, near local amenities, schools, and attractions.
Key Highlights
- Duplex with two distinct residential units
- 2,114 square feet of living area on 0.472 acres
- Unit B remodeled in 2022 and Unit A remodeled in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,359
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$387,180
$387.2K
Cap Rate 7%
$276,557
$276.6K
Cap Rate 9%
$215,100
$215.1K
Market Conditions
NOI Build-Up for 2,114 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.2K $13.80/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$27.7K $13.08/SF
− OpEx
−$8.3K −$3.92/SF
NOI
$19.4K $9.16/SF
Area
Baldwin County, AL
Vacancy
5.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$387,180
Cap Rate 7%
$276,557
Cap Rate 9%
$215,100
Alternative Uses
Best Use
Multifamily LT 5
$276.6K
$242.0K – $322.7K
NOI $19,359 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$246.2K
$215.4K – $287.2K
NOI $17,231 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$508.4K
$444.8K – $593.1K
NOI $35,586 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 36530, AL
8,375
Population
3,988
Households
2.1
Avg Household Size
46
Median Age
20%
College-Educated
89%
High-School Grad
95.6 sq mi
ZIP Area
88
Density / Sq Mi
$59,252
Median Household Income
$41,231
Median Earnings
$1,093
Median Rent
$251,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated HVAC, metal roofing, and separate living spaces.
Where is this duplex located?
The property is located at 24663 Chestnut Street Elberta, AL.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Duplex with two distinct residential units; 2,114 square feet of living area on 0.472 acres; Unit B remodeled in 2022 and Unit A remodeled in 2024
